U.S. Sens. Robert Menendez (D-NJ), Sherrod Brown (D-Ohio) and Claire McCaskill (D-Mo.), announced the introduction of the Close Big Oil Tax Loopholes Act, which will put an end to taxpayer handouts to the 5 largest oil companies making record profits, and use the billions in savings to help reduce the deficit. The Senators also called on Republicans to support the effort to close the loopholes and join other Republicans, including Speaker Boehner and Representative Ryan, who have voiced support for cutting subsidies.